BIANCA BUNJES LOPES
Sala Zoom: https://puc-rio.zoom.us/j/2383896077?pwd=UHRPeDZTdXB6blFTTTNtalY4Szljdz09
Orientadores: Igor Tona Peres & Davi Valladão | PUC-Rio
Resumo:
This thesis provides a systematic literature review on the pricing of corporate bonds worldwide. These securities are essential financing mechanisms for companies worldwide and are vital to transfer resources and catalyze economic growth. The democratizing potential of capital markets is highlighted, emphasizing that anyone can become an investor, thus facilitating wealth creation and boosting the national economy. The main exploration of the study is the bond pricing process in financial markets, focusing on the determinants of the price of these securities. Through a systematic review of selected literature, the research elucidates complex relationships between bond valuations, credit ratings, macroeconomic indicators, and specific bond characteristics. The results categorize the factors that influence credit spreads into corporate, issuance, liquidity and macroeconomic/market. This categorization is important to serve as a guide for future works. The existing literature lacks comprehensive reviews on the factors influencing corporate bond prices, and there is a notable absence of categorizations of these factors.